Allows a new buyer to take over the loan if you sell your home (subject to loan approval)

Allows a co-applicant to help you qualify even if the person doesn't live in the home

Considerations

FHA loans have the benefit of a low down payment but there are other loan products with the same option

Be certain to ask your home mortgage consultant to help you compare the overall costs of all products, including the monthly and long-term costs and conditions of the required mortgage insurance

You can typically only have one FHA mortgage at any given time

In many instances, you may find FHA to be a more expensive financing option and should be considered after thoroughly evaluating all other product options that meet your credit qualifying and financial needs

VA loan

Financing for eligible service members

No-down-payment options available

One-time VA funding fee typically required

Features

Provides financing for qualified veterans, reservists, active duty personnel, or eligible family members